17 August 2026 Americas Tax Roundup | 17 August 2026 | | | | A summary of the top weekly tax developments in the Americas | | | | | | | | | | | | | This week's tax news from the Americas - Canadian Department of Finance releases draft legislative proposals to amend the second package of hybrid mismatch rules
On 23 July 2026, Canada's Department of Finance released draft legislative proposals to amend the second package of hybrid mismatch rules, which address mismatches arising from reverse hybrid arrangements, disregarded payment arrangements, hybrid payer arrangements and imported mismatches. Among the amendments, the July 2026 proposals would introduce new deeming rules for "ordinary income" to support the operation of the dual-inclusion income framework and the investor dual-inclusion income framework. Amendments also include a new ordering rule for thin capitalization, restrictions on the rules for deemed dividends, and a revised double-deduction mismatch rule for hybrid payer mismatches. Interested parties may submit comments by 4 September 2026.
- Canada launches public consultations on steel imports and imposes surtax on wood cabinets and vanities
Canada has initiated public consultations on the administration of tariff-rate quotas (TRQs) for certain steel imports listed in item 82 of the Import Control List. The consultation period runs from 23 July 2026 until 19 August 2026. Additionally, effective 31 July 2026, Canada imposed a provisional safeguard measure in the form of a 25% surtax on imports of certain wood cabinets and vanities and their subassemblies; the surtax will remain in place for up to 200 days while the Canadian International Trade Tribunal conducts a safeguard inquiry and submits a report by 15 January 2027.
- Uruguay updates deadlines for withholding and paying personal income tax on certain foreign-source income
In Resolution No. 1783/026 (issued 5 August 2026), the Uruguayan Tax Office changed certain deadlines for withholding and paying personal income tax on foreign-source investment income and capital gains. Withholding agents must file withholding tax returns and pay withheld tax according to the Tax Office's calendar, with specific due dates based on the last digits of the taxpayer identification number. A transitional rule allows withholding agents under the attribution regime to pay withholdings for January through September 2026 by October 2026.
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Jennifer Mannetta, writer and editor Distributed weekly to all Americas Tax personnel. | | | |
Document ID: 2026-1749 |
